BTL Mortgages Eligibility

remorseless

amnblog wrote: »

Your Avatar suggests it is also worth mentioning that not having permanent right to reside in the UK is also a problem.

Oh dear, I should have asked when I got smuggled in on the inflatable boat if I could get a BTL!

Thanks for the advice.

marathonic

remorseless wrote: »

Oh dear, I should have asked when I got smuggled in on the inflatable boat if I could get a BTL!

Thanks for the advice.

What with all the sarcasm directed at, what are very helpful, posts made by others?

remorseless

marathonic wrote: »

What with all the sarcasm directed at, what are very helpful, posts made by others?

Not sure, given the assumption that:
a) I potentially intend to fraudelently obtain a BTL mortgage to buy a first home
b) somehow it has been assumed I don't have the right to abode in the UK because of my avatar

in response to:
"As in, better not to make an application at least 6 months after a credit card application or are BTL a different game all together?"

Caz3121

remorseless wrote: »

a) I potentially intend to fraudelently obtain a BTL mortgage to buy a first home

the link provided was to give some background on why anyone without a current residential mortgage/property will find it difficult to obtain a BTL mortgage
The majority of lenders will not give a BTL mortgage to someone that does not have their own property. I believe there are still 1 or 2 left that will but it will not be easy

remorseless

Caz3121 wrote: »

the link provided was to give some background on why anyone without a current residential mortgage/property will find it difficult to obtain a BTL mortgage
The majority of lenders will not give a BTL mortgage to someone that does not have their own property. I believe there are still 1 or 2 left that will but it will not be easy

Thank you and noted.

kingstreet

Taking a new credit card within six months of any mortgage application should have little impact, if the overall quality of the application is good enough.

If it's already borderline, the case may cross from pass to fail.

It's practically impossible to say with any degree of accuracy.

As has been mentioned, you will normally need the following for a BTL mortgage;-

a deposit of at least 25% of the purchase price
indefinite leave to remain in the UK or if EU citizen, a UK address history of at least six months, longer for most lenders
own your private residence
the rent to be at least 125% of the monthly mortgage interest assuming a rate of perhaps 6% per annum.

There are one or two options for non-homeowners, but the lenders will test affordability using a residenital model to prevent those with insufficient income using the BTL method to game the system to obtain a residence, rather than an investment.